TeraWulf activates $600 million in Google credit support at Lake Mariner

TeraWulf has reached 102 megawatts (MW) of revenue-generating critical IT capacity at its Lake Mariner campus in New York following the delivery of the CB-3 building. This milestone activates $600 million in credit support from Google to back the lease obligations of Fluidstack, the campus tenant.

Google’s total credit backstop for Fluidstack’s lease obligations at the site has risen to approximately $3.2 billion. The agreements, which involve high-performance computing (HPC) capacity for AI infrastructure, are valued at $6.7 billion over their initial terms, with potential extensions reaching $16 billion.

In addition to the credit support, Google holds warrants to purchase 73.58 million TeraWulf shares at $0.01 each. If exercised, these warrants could grant Google a pro forma stake of approximately 14% in the company.

As of June 30, 2026, Lake Mariner had 438 MW of contracted HPC capacity, with Fluidstack accounting for 378 MW and Core42 for 60 MW. The site, a former coal-fired power plant in Barker, New York, is seeing a strategic shift in revenue as HPC leases accounted for roughly 71% of TeraWulf’s second-quarter 2026 revenue.